| Balance Sheet Components |
Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash | | | | | | | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31,
2024 | | March 31, 2024 | | Cash and cash equivalents | $ | 755.0 | | | $ | 734.8 | | | $ | 1,014.6 | | | Restricted cash, included in prepaid expenses and other current assets | 1.3 | | | 1.3 | | | 1.3 | | | Cash, cash equivalents and restricted cash | $ | 756.3 | | | $ | 736.1 | | | $ | 1,015.9 | |
Inventories | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31,
2024 | | Raw materials | $ | 1,439.3 | | | $ | 1,345.9 | | | Work in process | 493.7 | | | 527.3 | | | Finished goods | 2,163.4 | | | 1,980.9 | | | Inventories | $ | 4,096.4 | | | $ | 3,854.1 | |
Prepaid expenses and other current assets | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | Prepaid expenses | $ | 170.5 | | | $ | 140.9 | | | | | | | | | | | Available-for-sale fixed income securities | 39.0 | | | 38.0 | | | Fair value of financial instruments | 152.7 | | | 261.6 | | | Equity securities | 55.5 | | | 55.5 | | Deferred charge for taxes on intercompany profit | 610.1 | | | 526.6 | | Income tax receivable | 262.8 | | | 300.7 | | | Other current assets | 354.7 | | | 387.2 | | | Prepaid expenses and other current assets | $ | 1,645.3 | | | $ | 1,710.5 | |
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | Machinery and equipment | $ | 2,949.6 | | | $ | 2,894.7 | | | Buildings and improvements | 1,485.2 | | | 1,464.3 | | | Construction in progress | 390.9 | | | 397.1 | | | Land and improvements | 114.0 | | | 113.2 | | | Gross property, plant and equipment | 4,939.7 | | | 4,869.3 | | | Accumulated depreciation | 2,304.1 | | | 2,203.2 | | | Property, plant and equipment, net | $ | 2,635.6 | | | $ | 2,666.1 | |
Other assets | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | | | | | | | | | | | | | CCPS in Biocon Biologics | 1,234.0 | | | 1,349.8 | | | Operating lease right-of-use assets | 265.9 | | | 253.1 | | | Other long-term assets | 775.0 | | | 754.0 | | | Other assets | $ | 2,274.9 | | | $ | 2,356.9 | |
Accounts payable | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | Trade accounts payable | $ | 1,518.2 | | | $ | 1,355.3 | | | Other payables | 470.2 | | | 498.4 | | | Accounts payable | $ | 1,988.4 | | | $ | 1,853.7 | |
Other current liabilities | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | Accrued sales allowances | $ | 1,013.9 | | | $ | 989.4 | | | Legal and professional accruals, including litigation accruals | 525.6 | | | 472.8 | | | Payroll and employee benefit liabilities | 521.4 | | | 729.3 | | Contingent consideration | 44.7 | | | 59.5 | | | Accrued restructuring | 133.8 | | | 63.4 | | | Accrued interest | 170.0 | | | 49.9 | | | Fair value of financial instruments | 182.2 | | | 125.8 | | | Operating lease liability | 103.2 | | | 87.1 | | | Other | 935.0 | | | 1,147.5 | | | Other current liabilities | $ | 3,629.8 | | | $ | 3,724.7 | |
Other long-term obligations | | | | | | | | | | | | | (In millions) | March 31,
2025 | | December 31, 2024 | | Employee benefit liabilities | $ | 473.7 | | | $ | 467.9 | | | Contingent consideration | 367.5 | | | 496.6 | | | | | | | Tax related items, including contingencies | 350.4 | | | 341.9 | | | Operating lease liability | 177.1 | | | 179.3 | | | Accrued restructuring | 130.9 | | | 128.5 | | | Other | 344.8 | | | 325.0 | | | Other long-term obligations | $ | 1,844.4 | | | $ | 1,939.2 | |
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